BEACHWOOD – People driving by might have noticed that the Rite Aid sign is off of the building located at the corner of Route 9 and Admiral Avenue. It closed with little fanfare or notice.
It joins a short list of stores that have closed in Ocean County.
NBC published a list of 154 closing stores on October 18. The Toms River location at 1726 Route 37 East and the Whiting location at 86 B Lacey Road were on that list. The Beachwood store was not.
A sign on the front door told patrons to go to CVS for their prescriptions.
Corporate communications did not respond to requests for comment by press time.
According to an October 15 press release from the company, closures of underperforming stores are part of a restructuring and a “voluntary court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.”
Lenders had committed $3.45 billion in new financing to support the company throughout the process of resolving litigation, reducing debt, and optimizing sales.
A sign on the front door said to go to CVS for prescriptions. (Photo by Chris Lundy)
Part of “optimizing the company’s store footprint” included closing underperforming stores. “These efforts will further reduce the Company’s rent expense and are expected to strengthen its overall financial performance.”
“The Company is making every effort to ensure customers of impacted stores have access to health services, whether at another Rite Aid or a nearby pharmacy, and will work to transfer prescriptions accordingly so that there is no disruption of services. The Company will also transfer associates at impacted stores to other Rite Aid locations where possible,” the company said.
The press release about the closing stores came on the same day as a release about a change in corporate leadership. Jeffrey S. Stein was appointed Chief Executive Officer, Chief Restructuring Officer and a member of the Company’s Board of Directors.
Signage was taken off the building. (Photo by Chris Lundy)
“Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company. With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy. In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future,” Stein said.
“We remain focused on serving our customers and communities, and we are grateful that they continue to choose our stores and pharmacies for their healthcare needs. We thank our associates for their ongoing hard work and dedication, and we extend our gratitude to our partners, suppliers and vendors for their continued support,” he said.
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